Buy business or professional equipment
Looking for KES 1 Million to fund your equipment purchase? You have several options in Kenya. The typical amount people borrow for equipment purchaseranges from KES 100,000 - 3,000,000, making KES 1 Million within the typical range.
With planned need like equipment purchase, take time to compare rates and negotiate better terms with multiple lenders.
KCB, Equity, Co-operative, NCBA - Large Personal Loans
Consider purpose-specific loan products
Ensure you meet the minimum income requirement of KES 350,000and have a clean CRB credit report.
Use PesaMarket to compare interest rates, fees, and terms from multiple lenders. Apply to 2-3 lenders simultaneously for the best deal.
Prepare your National ID, payslips (last 3 months), bank statements (6 months), and any purpose-specific documents.
Fill out online applications or visit branches. For KES 1 Million, expect approval within 1-2 weeks.
Once approved, funds are disbursed directly to your M-Pesa or bank account. Start making monthly repayments as per your agreement.
Compare KES 1 Million loan offers from multiple lenders and choose the best rate.
Compare All LoansCalculate Monthly PaymentYes, but your options will be limited. Consider mobile money loans, microfinance banks, or secured loans with collateral. Interest rates will be higher (18-25% p.a.).
For amounts over KES 500,000, the approval process typically takes 1-2 weeks due to enhanced due diligence requirements.
Interest rates vary by lender and your credit profile. Expect 13-16% p.a. from commercial banks, 15-18% from microfinance, and up to 25% from digital lenders. Always compare multiple offers.
For amounts over KES 500,000, some lenders may require collateral (property, land, or vehicle logbook) to secure better rates and longer repayment terms.